German Minister Habeck Admits Economy Struggling As GDP Set To Contract

BERLIN, Oct 7 (Bernama-dpa) -- German Economy Minister Robert Habeck on Monday admitted that the country's economy is performing poorly, as a report suggested a new government forecast expects gross domestic product (GDP) to decline in 2024, reported German news agency (dpa).  

Habeck said in Berlin that economic data was being adjusted "downwards", appearing to confirm a report by the Süddeutsche Zeitung newspaper that the GDP is now expected to drop 0.2 per cent for the year, down from previous estimates of a 0.3 per cent increase.

The minister is due to present the figures, which also include a forecast of 1.1 per cent growth for 2025, on Wednesday.

Habeck said the coalition government's growth initiative would provide a stimulus to the German economy. 

The proposal still requires approval from the German Parliament. 

-- BERNAMA-dpa